The Nigerian National Petroleum Company Limited (NNPCL) has issued a revised breakdown of the estimated price for petrol purchased from the Dangote Refinery.
This comes after an earlier statement on Monday morning, where the NNPC detailed the pricing of refined petrol it obtained from the refinery on Sunday, September 15, 2024.
In its updated statement, NNPCL reiterated that it is paying Dangote Refinery in U.S. dollars for the September 2024 petrol offtake, with transactions in Naira expected to begin on October 1, 2024.
The statement reads:
“The NNPC Ltd. has released estimated prices of Premium Motor Spirit (PMS), also known as Petrol (obtained from the Dangote Refinery) in its retail stations across the country. The estimated prices are based on negotiated terms between NNPC Ltd. and Dangote Refinery which recognize the current international gasoline prices and the prevailing foreign exchange rate in line with the provisions of the Petroleum Industry Act (PIA) 2021.”
Additionally, NNPCL assured Nigerians that they would benefit from any price reductions: “We reassure Nigerians that any discount from the Dangote Refinery will be passed on 100% to the general public.”
While the overall data regarding the estimated price of petrol sold across the country remains unchanged, key elements in the transaction analysis between NNPCL and the Dangote Refinery have been adjusted.
In the first press release on Monday, NNPC outlined a Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) fee of ₦8.99. However, in the updated statement, this fee was reduced to ₦4.495.
Additionally, the original breakdown included an inspection fee of ₦0.97, a margin fee of ₦26.48, and a distribution fee of ₦15.
In contrast, the second statement saw the removal of both the inspection and margin fees, while the distribution fee was increased to ₦42.45. Furthermore, an additional Midstream and Gas Infrastructure Fund fee of ₦4.495 was introduced in the updated version.
NNPCL continues to assure the public of its commitment to transparency and promises to pass on any cost savings to Nigerian consumers as part of its pricing strategy for PMS.